Formula Plus Annuity Method Example

$2,333 (FAS) x .01 x 28.25 years = $659.07 (employer)

$75,000 x $7.2/$1,000 = $540.00 (employee)

Option 1 total = $1,199.07

Note: The $7.20 per $1,000 in this example is the actuarial equivalency factor for a Tier One member retiring at age 58 who chooses Option 1. A member who retires at a different age would have a different factor, so a different dollar amount per $1,000 is used. The example assumes a member account balance of $75,000.)